Bringing focus to agricultural market news and price reporting
Spotlight
Saudi Arabia’s state grain importer picked up significantly more wheat than planned in its latest tender for 595,000 tonnes of 12.5% milling wheat, which closed on Friday February 14, and ended up buying 920,000 tonnes, at an average of $276.37 per tonne CFR, for May-July shipment.
Speculators in the United States corn market bolstered short positions while reducing longs in the week to Tuesday February 11, trimming the net long for the first time in eight weeks, according to data released by the Commodity Futures Trading Commission (CFTC) late on Friday February 14.
US President Donald Trump signaled the intention to apply reciprocal tariffs to countries that charge US imports, targeting Brazilian ethanol among other products and countries.
Russia has lowered its export duties for grains for the February 19-25 period, with the national currency strengthening by at least 6% since February 7 to date, the country’s agriculture ministry said on Friday February 14.
Market Commentary
Wheat Commentary
US and European futures declined on Wednesday February 19 because of easing weather concerns due to the expected warming of growing areas in the US and protective snow cover in the coldest growing areas of Russia, Ukraine and Kazakhstan.
Corn Commentary
US corn futures edged lower on Wednesday February 19, after closing at multi-month highs on Tuesday, as market participants paused to ascertain whether the fundamentals support further price gains.
Soybean Commentary
Soybean futures fell on the Chicago Mercantile Exchange on Wednesday February 19, under pressure from soyoil’s downtrend and a higher US Dollar Index, despite support from crude oil and soymeal gains.
Vegoils Commentary
Vegetable oils traded in opposite directions on Wednesday February 19. In Asia, crude palm oil (CPO) futures surged to an intra-year high, tracking gains in the wider vegoil complex, while a stronger cash market also supported prices. Soyoil futures on the Chicago Mercantile Exchange lost ground from earlier gains and went to negative territory amid a profit-taking movement at the time of publication.
Prices & Data
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Editor's Pick
Futures across the soy complex in Chicago reacted mildly to the USDA World Agricultural Supply and Demand Estimates (WASDE) report released late in the session on Tuesday December 10, with little changes to global balance sheets and an anticipated increase in US soyoil export figures.
The US Department of Agriculture has kept its US soybean ending stocks estimate unchanged while increasing its global forecast, the World Agricultural Supply and Demand Estimates (WASDE) report showed on Tuesday December 10.
The US Department of Agriculture reduced its estimates for US wheat ending stocks for the 2024/25 marketing year, while bolstering export projections and slightly increasing its global stocks forecast.
The USDA's World Agricultural Supply and Demand Estimates (WASDE) report update released on Tuesday December 10 highlights key changes to the US corn outlook, including increased usage (ethanol production as well as food, seed and industrial use), higher exports and reduced ending stocks.
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Brazilian food agency Conab has increased its estimate for the country’s total corn crop by 2.1%, to 122 million tonnes, while slightly cutting its projection for the country’s 2024/25 soybean output by 0.2%, to 166 million tonnes, its monthly report showed on Thursday February 13.
The Rosario Grain Exchange (BCR) set its first official estimate for Argentina’s soybean output at 47.5 million tonnes, 2.5 million tonnes below last year's 50 million tonnes, while also cutting its corn output forecast by 2 million tonnes to 46 million tonnes due to a heat wave and lack of water in the country, its monthly reported showed on Thursday February 13.
US President Donald Trump signaled the intention to apply reciprocal tariffs to countries that charge US imports, targeting Brazilian ethanol among other products and countries.
Temperatures across key agricultural regions in the United States are forecast to plunge well below average during the week beginning Thursday February 13, posing significant risks to winter wheat and barley crops — particularly in areas lacking adequate snow cover for insulation.
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Brazil’s National Energy Policy Council (CNPE) halted the increase of the country’s biodiesel mandate, the biodiesel blend in diesel required by law, to 15% (B15) effective on March 1, the council said on Tuesday February 18.
The Office of Administrative Law (OAL) in the US state of California has rejected proposed regulations approved by the California Air Resources Board (CARB) to update the state’s Low Carbon Fuel Standard (LCFS) that would have included a cap on the use of soybean oil and other edible oils in biofuels production.
Dry bulk freight rates for Panamax vessels in the Atlantic Ocean rose in the week to Wednesday February 19, as increased cargo demand in the Americas supported rates.
Fastmarkets commits to publishing daily the bids, offers, indicative levels or other cash trading indications on any basis and geography related to any vital markets with strong ties with Ukraine.
Bangladesh’s state buying agency, the Directorate General of Food (DGF), has received four offers in its fourth 11.5% milling wheat tender in the 2024/25 marketing year for a nominal 50,000 tonnes of optional-origin 11.5% milling wheat, sources told Fastmarkets on Wednesday February 19.
Brazil's soybean harvest reached 25.5% of the projected area of 47.4 million hectares in the week ended Sunday February 16, while the sowing of the second corn crop continued to be far behind sowing one year earlier, according to national food agency Conab's weekly crop progress report published late on Monday February 17.
Brazilian grain exporters’ association Anec reduced its estimates for Brazilian soybean exports to 9.7 million tonnes in February, from the previous week’s forecast of 10.1 million tonnes, the association's weekly report showed on Tuesday February 18.
Jordan's state grain importer booked 60,000 tonnes of barley in a tender that closed on Wednesday February 19, sources have told Fastmarkets.
Freight rates for vessels carrying palm oil cargoes within Asia were stable to down in the week ended Wednesday February 12 on soft export demand, amidst plentiful tonnage spaces.